The U.S. Senate Appropriations Committee issued report language in the recently passed Consolidated Appropriations Act for Fiscal Year 2020 that includes a section directing federal financial regulators to conduct a study on the need, if any, for…

Given the magnitude of changes created by CECL, FASB has issued several subsequent amendments to clarify implementation and transition issues that are reflected in this white paper. FASB also established a Transition Resource Group (TRG) for Credit…

With CECL’s effective date for large SEC registrants approaching, FASB recently issued Accounting Standards Update 2019-11, which clarifies the accounting treatment on several issues—negative allowances, troubled debt restructuring transition,…

The SEC recently issued Staff Accounting Bulletin (SAB) 119, which updates previous guidance to reflect the new credit impairment rules in FASB’s Accounting Standards Update 2016-13, commonly referred to as CECL. SAB 119 updates methodologies and…

FASB has issued two accounting standards updates delaying the effective date for several major standards—Leases, CECL, Hedging and Insurance. Acknowledging the magnified challenges and costs for smaller entities when transitioning to a new guidance,…

FASB recently approved a set of CECL technical corrections that will be issued shortly but soundly rejected a proposal to consider changing the guidance on acquired financial assets in a business combination. Read on for more details.

The American Institute of CPAs (AICPA) recently issued a second series of working drafts to provide implementation insights as financial institutions begin to adopt the CECL model. Read on for a list of areas of the new standard that require further…

The Financial Accounting Standards Board (FASB) recently wrapped up its last major financial instrument project. The standards on classification and measurement and credit impairment will have the greatest effect on financial institutions with…